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A new survey from the National Foundation for Credit Counseling found 1 in 5 people could not make ends meet without the use of credit. Another 22% of respondents said they would have to make significant lifestyle changes if asked to live on cash only. “Many people have built a lifestyle their income won't support and rely on credit to supplement their income," said Gail Cunningham, spokeswoman for the NFCC, in an email. "This is a recipe for disaster, as the party has to end at some point, and when that day comes, it will arrive in the form of an unmanageable debt load." (Bankrate.com)

The world’s largest bond mutual fund, Pimco Total Return Fund suffered its 16th month of outflows.  Investors pulled $3.9 billion from the fund in August, which brings the Total Return Fund's net cash withdrawals to almost $70 billion since May 2013.  The run on the fund has come as returns have suffered.   Outflows can bring even more poor performance to those investors who remain. (Reuters)

US regulators have issued rules for banks to hold enough easy-to-sell assets to keep them afloat during a financial crisis. The Federal Reserve says big banks will need to hold a total of about $2.5 trillion in highly liquid assets by 2017.  Currently banks hold about $100 billion short of that. (Associated Press)

Around 1577 Expatriate Americans have renounced their US citizenship during the first half of the year, a record pace, a lot of them because of increasingly onerous tax-filing requirements. The majority of expats are based in Europe, but growing numbers live in the Asian financial hubs of Tokyo, Singapore and Hong Kong. Around 6.32 million Americans (excluding military) live abroad. (CNBC)
 

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